- RSI at 84.69 indicates overbought conditions; CMF at 0.21 shows strong buying interest.
- A golden crossover suggests long-term bullish potential.
Hedera Hashgraph (HBAR), a cryptocurrency often highlighted during the 2021 bull market, has surged by 44% in the last 24 hours. HBAR, which recently broke key resistance levels, has delighted its investors with this explosive rally. The token’s price currently sits at $0.2453, marking a 22% daily increase. Over the past week, it has gained 68.71%, showcasing its strong upward momentum.
HBAR’s market cap has risen to $9.37 billion, a 22.57% increase, with a 24-hour trading volume of $3.61 billion and an impressive 180.09% spike. The volume-to-market cap ratio of 38.89% indicates heightened activity. If it maintains its current trajectory above $0.25 every week, HBAR could accelerate its upward momentum.
Bullish Indicators
HBAR’s bullish momentum is reflected in the technical analysis. The Relative Strength Index (RSI) is at 84.69, well into the overbought zone, with its average at 75.64. This suggests the possibility of a near-term pullback or consolidation. The Chaikin Money Flow (CMF) is at 0.21, highlighting strong capital inflows and institutional buying interest.
Support for HBAR lies at $0.200, while immediate resistance is at $0.260. A breakout above $0.260 could push the price towards $0.300. Conversely, a drop below $0.200 may trigger a retest of the $0.150 support level.
A golden crossover has recently formed on the chart, as the 50-day moving average crossed above the 200-day moving average. This long-term bullish signal underscores the potential for sustained growth in the months ahead.
The combination of an overbought RSI and strong CMF highlights both short-term caution and long-term optimism. Investors should monitor key levels, as breaking above $0.260 could ignite further upward momentum, while a pullback would present buying opportunities at lower levels.
HBAR’s performance this week demonstrates its potential as a top-performing cryptocurrency. Its explosive growth, combined with positive technical indicators, positions it as a strong contender for continued bullish movement.
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